Oil prices saw a slight decline at the end of the previous week, due to tepid U.S. fuel demand and investors cashing in profits as the quarter ended. This comes as inflation data for May increased the likelihood of the Federal Reserve cutting interest rates later this year. Market Movements Brent crude futures for August, […]
The recently inaugurated Dangote Petroleum Refinery, a $20 billion venture by Africa’s richest man Aliko Dangote, is significantly increasing its gasoil exports to West Africa, marking a notable shift in the region’s energy dynamics. In May, the refinery’s gasoil exports surged to nearly 100,000 barrels per day (bpd), almost double the exports from April, according […]
In a recent forum, experts highlighted the crucial synergy between Micro, Small, and Medium Enterprises (MSMEs) and the burgeoning e-commerce sector as pivotal to Kenya’s economic growth trajectory. Kenya’s economy thrives on its diverse MSME sector, encompassing over 7.4 million enterprises across key industries such as agriculture, logistics, and services. These enterprises, predominantly led by […]
Inflation, as measured by the core personal consumption expenditures (PCE) price index, rose 0.1% in May on a seasonally adjusted basis, marking a 2.6% increase from a year ago. This matches forecasts closely, with May recording the slowest annual inflation rate since March 2021, when inflation first surpassed the Federal Reserve’s 2% target. Including food […]
South Africa’s economic landscape saw a notable uptick in the first quarter of 2024, as foreign direct investment (FDI) surged to 24.4 billion rand ($1.34 billion), according to the latest Quarterly Bulletin from the South African Reserve Bank. This marks a significant increase from the revised 2.5 billion rand recorded in the previous quarter. The […]
Kenya faces mounting economic uncertainties following President William Ruto’s decision to retract support for a controversial finance bill amid widespread public outcry and violent protests. The bill, designed to generate 346 billion Kenyan shillings ($2.68 billion) through new taxes on essential goods and services like bread and mobile-money transfers, was a crucial component of Kenya’s […]
Saudi Arabia’s non-oil exports to China have reached an impressive $47 billion over the past five years, highlighting the deepening economic ties between the two nations. China now accounts for 15% of Saudi exports, reflecting its crucial role as a major global economy and a key partner in the Kingdom’s diversification efforts away from oil. […]
The International Monetary Fund (IMF) has approved the second review of Ghana’s $3 billion loan program, clearing the way for an immediate disbursement of approximately $360 million. This follows Ghana’s successful agreement with its official creditor committee, a necessary step for unlocking this tranche of funds. This latest disbursement brings the total IMF support for […]
President William Ruto has sent a contentious finance bill back to parliament for revisions, following nationwide protests that have resulted in at least 23 deaths and numerous injuries. The bill, intended to generate an additional $2.7 billion through tax hikes, has faced significant public opposition. Reports from local media, including Kenya’s Star newspaper and KTN […]
The OPEC Fund for International Development (OFID) has approved $605 million in new financing during its 188th Governing Board meeting, focusing on crucial areas such as global food security, climate action, and infrastructure development. This funding aims to support sustainable growth and enhance resilience in developing nations, aligning with the Sustainable Development Goals (SDGs). Strengthening […]
In a decisive move to fortify its economic resilience and reassure international investors, Kenya has finalized a landmark agreement aimed...
A significant trade dispute is brewing between two of the world's largest democracies, India and the United States, as New...
In a strategic move to alleviate its burgeoning debt burden and unlock crucial development financing, Egypt has successfully secured over...
As Kenyans prepare for fresh Saba Saba Day protests on Monday, the government has sounded a strong alarm regarding potential...
